4. NOTES PAYABLE- RELATED PARTIES	12 Months Ended
Feb. 29, 2020
Notes Payable [Abstract]
NOTES PAYABLE-RELATED PARTIES	During the two years ended February 29, 2020, the Company has received an aggregate of approximately $50,000 of proceeds under notes payable to its majority shareholder, Magna Acquisition LLC (“MALLC”) 9approximately $33,500 in the fiscal year ended Feruary 28, 20190 and to a director of the Company (“Director”) 9approximately $16,500 in the year ended February 29, 2020). The principal amount outstanding under such MALLC notes are an aggregate of $687,250 and $687,750, respectively, (plus accrued interest of approximately $701,000 and $598,000, respectively) at February 29, 2020 and February 28, 2019. The principal amount outstanding under such Director notes are an aggregate of $16,500 and $-0-, respectively, (plus accrued interest of approximately $1,000 and $-0-, respectively) at February 29, 2020 and February 28, 2019. All such notes are unsecured and mature, by their terms, 120 days from issuance. At February 29, 2020 and February 28, 2019, approximately $687,250 and $679,650, respectively, face amount of the MALLC notes were beyond their maturity date and therefore due on demand. Such notes bear interest at 12% per year and such interest increases to 15% per year once the note is past its due date. At February 29, 2020 and February 28, 2019, approximately $13,500 and $-0-, respectively, face amount of the Director notes were beyond their maturity date and therefore due on demand. Such notes bear interest at 10% per year and such interest increases to 12% per year once the note is past its due date. Interest expense on such notes aggregated approximately $105,000 and $101,000 in the years ended Feruary 29, 2020 and February 28, 2019, respectively. Subsequent to February 29, 2020 through June 24, 2020 a director of the Company who is also the managing member of MALLC loaned an additional aggregated of approximately $12,500 to the Company on the same terms as above (interest rate is 10% initially and increases to 12% upon default). The Company intends to make a proposal to MALLC and to the Director to convert all amounts outstanding to them (including overdue amounts) into common stock of the Company.

4. NOTES PAYABLE- RELATED PARTIES

12 Months Ended

Feb. 29, 2020

During the two years ended February 29, 2020, the Company has received an aggregate of approximately $50,000 of proceeds under notes payable to its majority shareholder, Magna Acquisition LLC (“MALLC”) 9approximately $33,500 in the fiscal year ended Feruary 28, 20190 and to a director of the Company (“Director”) 9approximately $16,500 in the year ended February 29, 2020). The principal amount outstanding under such MALLC notes are an aggregate of $687,250 and $687,750, respectively, (plus accrued interest of approximately $701,000 and $598,000, respectively) at February 29, 2020 and February 28, 2019. The principal amount outstanding under such Director notes are an aggregate of $16,500 and $-0-, respectively, (plus accrued interest of approximately $1,000 and $-0-, respectively) at February 29, 2020 and February 28, 2019. All such notes are unsecured and mature, by their terms, 120 days from issuance. At February 29, 2020 and February 28, 2019, approximately $687,250 and $679,650, respectively, face amount of the MALLC notes were beyond their maturity date and therefore due on demand. Such notes bear interest at 12% per year and such interest increases to 15% per year once the note is past its due date. At February 29, 2020 and February 28, 2019, approximately $13,500 and $-0-, respectively, face amount of the Director notes were beyond their maturity date and therefore due on demand. Such notes bear interest at 10% per year and such interest increases to 12% per year once the note is past its due date. Interest expense on such notes aggregated approximately $105,000 and $101,000 in the years ended Feruary 29, 2020 and February 28, 2019, respectively.

Subsequent to February 29, 2020 through June 24, 2020 a director of the Company who is also the managing member of MALLC loaned an additional aggregated of approximately $12,500 to the Company on the same terms as above (interest rate is 10% initially and increases to 12% upon default).

The Company intends to make a proposal to MALLC and to the Director to convert all amounts outstanding to them (including overdue amounts) into common stock of the Company.